2011 Texas Statutes
BUSINESS AND COMMERCE CODE
TITLE 7 - RECEIPTS, DOCUMENTS OF TITLE, AND OTHER INSTRUMENTS
CHAPTER 253 - PROTESTED OUT-OF-STATE DRAFTS
BUSINESS AND COMMERCE CODE
TITLE 7. RECEIPTS, DOCUMENTS OF TITLE, AND OTHER INSTRUMENTS
CHAPTER 253. PROTESTED OUT-OF-STATE DRAFTS
Sec. 253.001. DAMAGES ON PROTESTED OUT-OF-STATE DRAFTS. The holder of a protested draft is entitled to damages in an amount equal to 10 percent of the amount of the draft, plus interest and the costs of suit, if:
(1) the draft was drawn by a merchant in this state on the merchant's agent or factor outside this state; and
(2) the drawer's or indorser's liability on the draft has been fixed.
Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. April 1, 2009.
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